Cineworld, owner of the US Regal cinema chain, secured an additional $750m (€634m) in funding yesterday to cushion itself against the impact of the coronavirus as it aims to reopen next year. The chain, which has shut 536 Regal theatres in the US and its 127 Cineworld and Picturehouse theatres in the UK, has cut costs to $60 million a month with theatres closed. The company was also forced to shutter Ireland's biggest cinema, Cineworld on Parnell Street in Dublin. Cineworld has been carrying heavy debt due in part to its $3.6bn acquisition of Regal in 2018. "With vaccines on the horizon and liquidity secured, we think that [Cineworld] is now well placed in a reopening scenario," said analysts at Jefferies Financial Group.

Source: Irish Independent November 24, 2020 02:37 UTC